Published on: Friday, October 25, 2013
Professor Wulf Kaal recently was appointed to serve as an arbitrator with the Financial Industry Regulatory Authority (FINRA), the largest independent regulator for securities firms doing business in the United States.
The chief role of FINRA is to protect investors by maintaining the fairness of the U.S. capital markets, assisting in the resolution of monetary and business disputes between and among investors, brokerage firms and individual brokers. As an arbitrator, Kaal will work exclusively on hedge fund cases.
Arbitration is an alternative to litigation or mediation in order to resolve a dispute. The success of securities arbitration depends on the quality of the arbitrators who hear and decide the disputes presented by the parties. They read the pleadings filed by the parties, listen to the arguments, study the documentary and/or testimonial evidence, and render a decision. An arbitrator’s decision, called an “award,” is final and binding on all the parties.
A leading expert on hedge fund regulation in the United States and the European Union, Kaal’s 2012 study on the effects of hedge fund registration requirements under Title IV of the Dodd-Frank Act gained national attention and has been covered in Business Week and other journals. He is a widely published author, and continues to serve as a consultant to major corporations and hedge funds regarding financial markets and regulation.